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The revenue impact of tax deductions availed by individual taxpayers for donations to political parties has witnessed a sharp surge post-Covid-19, surpassing corporate contributions in the two financial years leading up to the 2024 Lok Sabha elections. According to the Statement of Revenue Impact o
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FAQ :
Individual taxpayers, along with Hindu Undivided Families (HUFs), have shown a sharp surge in political donations, surpassing corporate contributions in recent financial years.
Corporate taxpayers can claim deductions under Section 80GGB, while individual taxpayers and non-corporate entities can avail deductions under Section 80GGC of the Income Tax Act.
Individual and HUF taxpayers claimed tax benefits worth ₹2,275.85 crore in FY23 under Section 80GGC.
The tax benefits claimed by individual and HUF taxpayers are projected to rise by 12.36% to ₹2,557.15 crore in FY24.
Corporate taxpayers claimed deductions of ₹514.40 crore in FY23, with a projected increase to ₹577.98 crore in FY24, significantly less than the amounts claimed by individuals.
Over the past decade, since FY15, the estimated revenue impact of tax concessions on political donations has totalled ₹14,473.75 crore.
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